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On May 4, 2013, Strauss Company Purchased a Tract of Land

Question 14

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On May 4, 2013, Strauss Company purchased a tract of land as a factory site for $3,200,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2013 and completed December 15, 2013. Cost data are shown below. On May 4, 2013, Strauss Company purchased a tract of land as a factory site for $3,200,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2013 and completed December 15, 2013. Cost data are shown below. Required: Compute the capitalized cost of (1) the land and (2) the factory building. Required:
Compute the capitalized cost of (1) the land and (2) the factory building.

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Explanation: The cost of the building i...

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